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“Innovate for India, innovate from India” PM Modi tells startups; declares Jan 16 as ‘National Start-up Day’

Prime Minister Narendra Modi on Saturday called on startups to “innovate for India, innovate from India”.

Virtually interacting with over 150 startups during the ‘Startup India Week’ today, he assured them of a better environment to thrive in.

“Our Start-ups are changing the rules of the game. That’s why I believe start-ups are going to be the backbone of new India”, he said adding that start-up units can play a big role in regional development and addressing regional gender disparities Speaking on the occasion, he said that new and innovative ideas put forward by start-up entrepreneurs had projected India globally by providing solutions to various problems.

He said that this decade was significant for the big changes in policies and regulations made by the government, to strengthen innovation, entrepreneurship and the start-up eco-system in the country.

These, he said, have three major aspects. “Firstly, Entrepreneurship – to free it from beauracratic channels. Secondly, Innovation – Institutional mechanism needs to be developed. Thirdly, handholding young innovators.

” Prime Minister Modi announced that January 16 would be celebrated as ‘National Start-up Day’. He had launched ‘Start-up India’ as a major initiative of the government on this day in the year 2016 and facilitated venture capital funds for start-up units with many concessions in compliance with tax, patent, copyright, labour and environmental laws.

The Prime Minister told the young entrepreneurs that investment in research and development related to future technology, is the priority of the government today. He added that where there were barely 500 startups in the country in 2015, today there are more than 60,000.

“Our start-up ecosystem has grown to a leading position in the world”, he pointed out.   India, being a large and diverse market, has a huge potential and hence, he exhorted them to take adavantage of local opportunities, come up with solutions to local challenges, and make their dreams global.

Making a mention of the 42 unicorns that came up in the country last year, he said that these companies, worth billions, are the hallmark of a self-reliant and self-confident India.

“I believe that the golden era of India’s start-ups has begun now”, he said.  As a part of ‘Azadi ka Amrit Mahotsav’, a week-long event, “Celebrating Innovation Ecosystem”, is being hosted by DPIIT, Ministry of Commerce and Industry, from  January 10-16, 2022. The event marks the 6th anniversary of the launch of the Start-up India initiative.

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